Around 43 million Americans have student loan debt, amounting to $1.5 trillion. If you have student loans, here’s what you need to know.
Loans
The delays have changed where students enrolled, with many students forced to pick a college with limited information about their financial picture.
It’s a more targeted proposal than the one the U.S. Supreme Court struck down last year. The new plan uses a different legal basis and seeks to cancel or reduce loans for more than 25 million Americans.
The average student loan debt for Illinoisans is nearly $38,000. Almost 55% of the more than 1 million borrowers in Illinois are under the age of 35, according to the Education Data Initiative.
“Pandemic relief fraud by CPS employees causes significant reputational harm to CPS and diminishes trust in the school district,” The Office of Inspector General wrote in the report.
The picture for student loan debt has been pretty tumultuous over the last couple of years. Borrowers will soon begin repaying their federal student loans after a forbearance period ends this month.
Millions applied for student loan forgiveness before President Joe Biden’s plan was put on hold amid legal challenges. The forgiveness plan’s fate is now in the hands of the U.S. Supreme Court, which just heard arguments on the case.
The Supreme Court is about to hear arguments over President Joe Biden’s student debt relief plan, which impacts millions of borrowers who could see their loans wiped away or reduced.
Borrowers who apply before mid-November should see forgiveness before Jan. 1, when payments on loans are scheduled to restart after a pause during the pandemic.
President Joe Biden said financial recovery from the pandemic will take longer than job recovery, especially for those with student loans.
The Biden administration is erasing more than $55 million in debt for former students of Westwood College, the Marinello Schools of Beauty and the Court Reporting Institute. All three chains have been closed for years after facing accusations of fraud and deception in their advertising.
The electric vehicle industry has been touted as a way to reduce dependence on foreign oil, create jobs, and save the environment. But an Indiana company that promised a plug-in hybrid van with 100 miles to the gallon just closed its doors. Elizabeth Brackett tells us why.
